The 2010s were a boom time for the housing market, according to a new Zillow data analysis
that determined the total value of every U.S. residence is $33.6 trillion, with $11.3 trillion being added since the market began to regain its footing in 2010.
Zillow added that roughly 14 percent of the decade’s gain resulted from new housing stock entering the market. However, the gains were lopsided: California’s $7.1 trillion accounted for 21.2 percent of the country's total housing value, which was more than the next four highest-valued states combined: New York ($2.7 trillion), Florida ($2 trillion), Texas ($2 trillion) and Washington ($1.1 trillion). In comparison North Dakota and Wyoming have the smallest housing market shares at $66 billion each.
"In 2010, Americans were grappling with falling home values, unsold subdivisions, and sky-high foreclosure rates, while policymakers were working to stimulate demand," said Zillow Economist Jeff Tucker. "A decade later, we're facing a very different set of challenges, as a persistent shortage of new homes and starter homes has kept home prices rising out of reach for many would-be first-time home buyers. More and more of the nation's wealth is now tied up in our homes, as workers in some of the world's most economically productive cities, such as San Francisco, San Jose and Seattle, have raced to get a foothold in homeownership there, driving up prices with their fierce competition. Most of this growth has come from rising prices for the same homes, not from actually building more homes, a troubling trend when it comes to affordability."